UK Updates Digital Currencies Inquiry Launched

UK Updates Digital Currencies Inquiry Launched

UK Updates Digital Currencies Inquiry Launched The UK Treasury’s Special Committee, a group of multi-party MPs, is launching an investigation into crypto-currencies such as bitcoin technology and blockchain technology in effort to understand them. Less than a fortnight ago, Lord Bates said: “the Government has no plans at this time to put an age limit

UK Updates Digital Currencies Inquiry Launched
The UK Treasury’s Special Committee, a group of multi-party MPs, is launching an investigation into crypto-currencies such as bitcoin technology and blockchain technology in effort to understand them.
Less than a fortnight ago, Lord Bates said:

“the Government has no plans at this time to put an age limit on trading or investing in digital currencies”.

He added that the government recognizes the important benefits that digital currencies and related technology can bring, as well as the potential challenges. The government is monitoring the situation and believes it is proportionate and risk-based, he said.
Commenting on the launch of the investigation, Rt Hon. Nicky Morgan, MP, President of the Treasury Committee, said:

“People are becoming increasingly aware of cryptocurrencies such as Bitcoin, but they may not be aware that they are currently unregulated in the UK, and that there is no protection for individual investors”.

The Treasury Board examines potential risks that digital currencies could generate for consumers, businesses, and Governments, including those relating to volatility, money laundering, and cyber-crime.

In particular, she added:

“We are also looking at the potential benefits of cryptocurrencies and the technology that underpins, commenting that they can create innovative opportunities and how disruptive the regime is and replacing traditional payment methods.”

The committee chair said it is “crucial” to strike the right balance between regulations and “without stifling innovation”. The new survey, she added, will explore how this balance could be achieved.
The committee will open its doors to experts in cryptocurrency before submitting its report to the government.